You'll never believe the scam being considered by California's Democrats to defraud the IRS. They know they have a huge problem. Roughly half of the state’s income tax receipts are paid by the top one percent of taxpayers, and the personal cost of those taxes just went up over one-third, now that they cannot be deducted from taxable federal income under the terms of the new tax reform just signed into law. For the wealthiest California taxpayers, those earning over $426,700 a year, the impact will be a marginal loss of over five percent of their after-tax income on amounts over 426k (13.3% x 39.6% = 5.27%). A five percent pay cut is enough to motivate change, as even a Democrat can see (if not admit when considering a tax hike).  So the most powerful man in the state legislature, Senate president pro tem Kevin De Leon, is letting it be known that the state is considering a response. Kevin de Leon (birth name: Kevin Alexander Leon) Needless to say,...(Read Full Post)